(Shutterstock.com)
Asia Pacific investment firm PAG has agreed to invest $200 million in secured convertible notes issued by Ontario-based Canadian Solar, the company said on Aug. 19.
The transaction is expected to close in the fourth quarter of 2024, subject to closing conditions, Canadian Solar said in a news release.
The solar company, which will retain flexibility on draw downs, said it plans to use the net proceeds to optimize its capital structure, repay debt and invest in solar development projects.
“The notes offer us a flexible financing solution that aligns with both our capital requirements and business objectives,” said Canadian Solar CEO Shawn Qu. “This transaction paves the way for long-term strategic collaboration with PAG in solar and in clean energy.”
Payable quarterly in arrears, the notes will bear an interest rate of 6% per annum and will mature on Dec. 31, 2029. In addition, note holders have the right to require Canadian Solar to repurchase the notes shortly after Dec. 31, 2027, according to the release.
Recommended Reading
Waterous Raises $1B PE Fund for Canadian Oil, Gas Investments
2025-04-01 - Waterous Energy Fund (WEF) raised US$1 billion for its third fund and backed oil sands producer Greenfire Resources.
Buying Time: Continuation Funds Easing Private Equity Exits
2025-01-31 - An emerging option to extend portfolio company deadlines is gaining momentum, eclipsing go-public strategies or M&A.
Matador Appoints Paul W. Harvey to Board
2025-01-29 - Harvey holds over 40 years of investment experience and is currently the private wealth adviser at Dallas-based Vaquero Private Wealth.
PE Firm Andros Capital Partners Closes $1 Billion Energy Fund
2025-04-07 - Andros Capital Partners maintains a flexible investment mandate, allowing the firm to invest opportunistically across the capital structure in both public and private equity or debt securities.
EON Deal Adds Permian Interests, Restructures Balance Sheet
2025-02-11 - EON Resources Inc. will acquire Permian overriding royalty interests in a cash-and-equity deal with Pogo Royalty LLC, which has agreed to reduce certain liabilities and obligations owed to it by EON.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.